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Canadian Dollar Trendline Turns back Bears (USDCAD Bulls)

Canadian Dollar Trendline Turns back Bears (USDCAD Bulls)

2012-01-16 17:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Trendline Turns back Bears (USDCAD Bulls)

Prepared by Jamie Saettele, CMT

There are multiple possible USDCAD outcomes at the current juncture and only a violation of a key level will provide clarity. The bullish triangle remains valid as long as price is above 10075 but the well defined trendline doesn’t exactly inspire confidence in the upside. A drop below would shift focus to the October low at 9891. Near term resistance is 10215.

Bottom Line – flat

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